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New home sales boosted by multi-occupancy units

An increased level of building of apartments has helped to improve sales of new homes across Australia, according to the latest Housing Industry Association (HIA) report.

The nation has been one of a number that has been affected in recent times by a supply and demand issue where there are far more buyers than sellers, so any increase in building is a positive.

And the HIA report said that in June, the number of new homes being bought was up by 1.2 per cent compared to the month before, while the quarter to the end of the month saw sales numbers jump by two per cent.

This was driven by an increase in apartment buildings in what has traditionally been a nation where semi-detached properties have been most common.

HIA chief economist Harley Dale said: "The new home building sector will provide a healthy contribution to broader economic growth in 2014/15."

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